Payments technology company Global Payments has announced their intent to acquire end-to-end SaaS platform for quick service restaurants SICOM Systems in a $415 million cash transaction. The acquisition is expected to close in Q4.
“The acquisition of SICOM aligns perfectly with our software-driven payments strategy and establishes Global Payments as a leader in one of the largest addressable markets we serve today,” Jeff Sloan, Global Payments’ CEO, said in a statement. The Atlanta-based fintech company serves over two million businesses around the world and processes $17 billion annually.
SICOM helps quick service and fast food restaurants streamline their entire operations with digital menus, drive-thru order management, order confirmation units, and point of sale payment solutions. Based out of Pennsylvania, the company serves 25,000 restaurant locations globally, with some of the world’s biggest fast food names in its client roster, including McDonald’s, Wendy’s, Burger King and Arby’s.
Global Payments says that SICOM’s addressable, mostly underserved market is about $6.5 billion globally.
The company shares that this particular acquisition was the missing piece in their restaurant industry offerings — front of the house (ordering and digital menus), middle of the house (inventory and kitchen management), and back of the house (analytics, reporting, labor scheduling, procurement and customer engagement). They can now cater to small through enterprise-level merchants.
Bringing in SICOM will also more than double the number of quick serve and fast-casual restaurant locations that Global Payments serves.
“The transaction also allows us to expand our owned software solutions into food service management, a large addressable market globally with attractive fundamentals, while further accelerating our business mix toward technology enablement.”
Featured image via SICOM. Inline image via Global Payments.